For the second quarter of the year, (the June quarter), analysts have been lowering their iPhone estimates. The thinking is that people have bought their iPhone already, or they're waiting the six months for a new iPhone to arrive.

Well, Gene Munster at Piper Jaffray thinks the bearish iPhone estimates have gotten out of hand, and Apple will easily beat the expectations of the buy-side people. Munster is calling for 28-29 million iPhones in the June quarter, which is above buy-side expectations of 25-27 million.

He thinks the next quarter, though, will be the one where were see iPhone sales drop as everyone waits for the next iPhone. But, he's expecting a huge holiday quarter.

All in all, Munster says buy some Apple stock before it beat expectations again.